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Kim Woo-Jung, the son of the Provincial Governor of Daegu, established the Daewoo group in the month of March of nineteen sixty seven. He first graduated from the Kyonggi High School and then studied at Yonsei University in Seoul where he finished with an Economics Degree. Daewoo became amongst the Big Four chaebol within South Korea. Growing into a multi-faceted service conglomerate and an industrial empire, the business was famous in expanding its international market securing several joint ventures globally.
After the end of the Syngman Rhee government during the 1960s, Park Chung Hee's new government came aboard to support growth and development within the country. This financed industrialization, promoted exports, increased access to resources, provided protection from competition to the chaebol in exchange for a company's political support. At first, the Korean government initiated a series of 5 year plans wherein the chaebol were required to accomplish a series of particular basic objectives.
As soon as the second 5 year plan was implemented, Daewoo became a major player. The business really profited from government-sponsored cheap loans that were based on potential proceeds earned from exports. At first, the business focused on textile and labor intensive clothing industries that provided high profit margins. South Korea's huge workforce was the most significant resource within this plan.
Between the years of 1973 and 1981, when the third and fourth 5 year plans happened for Daewoo; Korea's labour force was in high demand. The nations competitive advantage began to dwindle due to increased competition from various countries. In response to this change, the government responded by concentrating its effort on electrical and mechanical engineering, shipbuilding, construction efforts, petrochemicals and military initiatives.
Ultimately, Daewoo was forced into shipbuilding by the government. Even if Kim was unwilling to enter the industry, Daewoo rapidly earned a reputation for producing competitively priced oil rigs and ships.
All through the subsequent decade, Korea's government became much more open-minded in economic policies. As the government reduced positive discrimination, loosened protectionist import restrictions and encouraged small, private businesses, they were able to force the chaebol to be more aggressive abroad, while supporting the free market trade. Daewoo successfully established many joint ventures with European and American businesses. They expanded exports, semiconductor design and manufacturing, aerospace interests, machine tools, and several defense products under the S&T Daewoo Company.
Daewoo eventually began making affordable civilian helicopters and airplanes compared to North American counterparts. Afterward the company expanded more of their efforts into the automotive trade. Impressively, they became the 6th largest automobile maker on the globe. Throughout this time, Daewoo was able to have great success with reversing faltering companies in Korea.
By the 1980s and the early part of the 1900s, the Daewoo Group expanded into different other sectors comprising computers, consumer electronics, buildings, telecommunication products and musical instruments like the Daewoo Piano.
